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Oil at 7-mth high, supply losses tame surplus

  Bloomberg Oil traded near a seven-month high on speculation that U.S. crude stockpiles declined last week while supply losses in Canada and Nigeria whittled away the global excess. West Texas Intermediate was little changed in New York, while Brent erased gains as it neared $50 a barrel for the first time since November. Inventories probably fell by 3.5 million ...

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Rockhopper confirms potential of Falklands basin oil discovery

  Bloomberg Rockhopper Exploration Plc confirmed potential oil resources in a discovery in the Falklands basin, sending its shares higher. An independent audit showed that the best estimate of contingent resources — also known as 2C resources — at the Sea Lion complex came in at 517 million barrels, of which London-based Rockhopper’s share is 258 million barrels, it said ...

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Disabled earn pittance as Clinton’s raise plan debated

  Bloomberg Hillary Clinton’s call to raise the minimum wage for disabled Americans who earn pennies per hour has families and caregivers fiercely debating whether the real benefit of the jobs comes from pay or an intangible sense of self-worth. The lower pay, permitted by a policy in place since 1938, has been scrapped for federally contracted employees, and Clinton ...

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Colombia coffee group says price stabilization fund almost ready

  Bloomberg A new fund to stabilize the price that coffee farmers in Colombia receive for their beans may be announced as soon as next month and start operating in 2017, potentially protecting farmers and allowing them to produce profitably at lower international prices. The fund is intended to moderate sharp price drops in the world’s largest producer of mild ...

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Another Brazil scandal makes steelmaker world’s worst performer

  Bloomberg Gerdau SA fell the most among peers after police indicted more than a dozen people, including its chief executive officer, for their alleged involvement in a tax evasion scandal linked to Brazil’s No. 2 steelmaker. Shares in Gerdau fell 7.1 percent in Sao Paulo, the steepest loss among 82 members of the Bloomberg World Iron Steel Index, which ...

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Mexican steelmaker Ahmsa emerges from 17-year bankruptcy process

  Bloomberg Altos Hornos de Mexico SA, the steelmaker known as Ahmsa, is exiting the bankruptcy process in Mexico after 17 years of court protection. A Mexican judge ordered the company’s suspension-of-payments proceedings to be lifted and approved a plan for creditors, effective immediately, the company said in a statement Monday. The court-approved exit calls for Ahmsa to repay $1.7 ...

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Construction boom boosts region’s fit-out industry

  Alkesh Sharma / Emirates Business Fuelled by a booming construction sector, the GCC region’s interior and fit-out contracting industry is expected to grow by nearly 20 percent and the market expected to cross the whopping mark of $12.5 billion by the end of 2017. UAE is clearly spearheading this market in the region and is expected to add more ...

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Dubai SME launches report on state of equity investment

  Dubai / Emirates Business Dubai SME, the agency of the Department of Economic Development (DED) in Dubai mandated to develop the small and medium enterprise (SME) sector, has launched a report on the ‘State of SME Equity Investment in Dubai,’ the first initiative of its kind in the Gulf region, to encourage investment in the sector and attract direct ...

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Smart Dubai Office looks into key modules for ‘smartest city on earth’

    Dubai / Emirates Business A delegation from Smart Dubai Office (SDO) led by H.E. Dr. Aisha Bint Butti Bin Bishr, Director General of SDO, is exerting more efforts to form business partnership by showcasing its smart transformation roadmap to the founding strategic partners of the smart city transformation process. The delegation visited Dubai Land Department (DLD) to discuss ...

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UAE Telecoms, Media & Technology to be ME hotspot in 2016

  Dubai / Emirates Business Mergermarket, the world’s leading news and intelligence service for mergers & acquisitions, has released its Global M&A Heat Chart that indicates potential future M&A activity based on companies that may be targeted for mergers or acquisitions. The Heat Chart suggests that the Middle East’s Telecoms, Media & Technology (TMT) sector could see the strongest levels ...

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